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neil: is it me, or are they showing a hell of a lot more createty finding ways to raise taxes and cut more spending. i am neil cavuto this is getting ridiculous, union members on capitol hill, to keep lawmakers to keep their hands often title ams. man are they very create on the tax front. now tax of a higr gas tax to fund construction projects. to slash all deducts and exemptions not just for the rich even adjust mortgage formula for example, likely veros in those taxpayers below $250,00 $250,000 threshold, more like a hundred grand crowd now. a health care surtax on the rich to cover a program whose costs are already spiralling. but not much cost on underlying abuses, you see a pattern here. i do not care whether you are on the left or right, the way we're going about this is not fair. no creative solutions to cut spending, a lot of ideas to raise revenues. taking a shine to spending our money, but never saving us money. we'll debate this. with wealth manager. if you want to look serious you need to put big spending cuts on the table. and we have, i just call him my toke an
, everyone. i'm larry kudlow. this is "the kudlow report." tax hikes, tax hikes, and tax hikes. one way or another, that's about all i hear on this fiscal cliff business, and you know what? what about spending cuts which is the true source of the deficit problem along with anemic economic growth. and here's one. we just got confirmation that the latest fiscal numbers from the treasury department show the federal government ran up more red ink in october than it did the year before, and guess what? spending went up double digits from the year before. what a surprise. but the white house got one thing right today. it released a study showing that a massive year-end tax hike would kill consumer spending by $200 billion, right. so let's not raise taxes. and in addition to all of this, the joint chiefs of staff is apparently drawing up plans to keep 10,000 u.s. troops in afghanistan past the 2014 deadline. this break a president obama promise, but some promises are made to be broken, and i think this is probably a good move. but first up congress back at work tonight after the holiday recess
deductions could be a bigger tax hike than raising rates, we do the mag you decide, i am neil cavuto, to hear some democrats whisper, and giggle they have the grand old party in a grand old head fake, making republicans think not getting tax rate hike on the rich say win when the deal to get that winning end up socking the rich more, a figure i'm hearing bandied about $50,000. that is the likely cap that republicans will agree to for things like mortgage interests, and chair it able deducts, see z as many in 250 grand and overcrowd write-off hundreds of thousands of dollars that means hundreds of thousands of dollars more subject to taxes. if you limit it to 50 grand, a lot of them are looking at a real federal tax rate closure to 45% than 39.6% they are fearing now. no wonder some democrats are laughing all the way. should they be? in the name of avoiding a rate hike, are republicans about to come up with an alternative that proves a bigger tax hike? let's ask. rich edison. sabrina schaefer, and dan mitchell, rich, i have not even got into investor related taxes that goes up, medicare surcha
, president obama wants more in the $1.5 trillion in tax hikes, but he has no plan -- or announced cuts in spending, why those tax hikes don't add up to anything meaningful and we'll talk with the ceo of cke restaurants, andy puzder and says, tax rates will stifle economic growth and our favorite doctors are here, to psychoanalyze the scandal that brought down the head of the cia. we are delighted to be joined, now, by the admiral james lyons, retired commander of the u.s. pacific fleet. it is always good to have you with us. thanks for being here. >> nice to be back with you, lou. >> lou: let's turn, to first, the talking points. which, it seems that no one after general petraeus made it clear there had been changes in those talking points, the testimony before congress has been surveyed, and congressman mike rogers, the chair of the house intelligence committee, said, it has to be the white house, because everybody else has testified that they didn't. do you agree? >> i agree. and, in that deputy's committee i'm hurry the white house representative and the national security, from the
a campaign to persuade voters that his plans for higher taxes on the wealthy are the right path forward. leading republicans creating consternation within their own party does they reversed themselves from taxes and seemingly the president's ideas of increases, a growing number on the right rejecting their no new taxes pledges and instead are now claiming the grover norquist is the real problem in washington d.c. fox digital politics center is here with us tonight as is the daily caller stalker carlson. egyptian leader declaring new powers for himself, claiming he won't be just another dictator. just a week ago praised by the obama administration for brokering a ceasefire in gaza, and now the white house is silent on the more -- coupe. middle east expert professor hoover institute senior fellow "wall street journal" as columnist among our guests here tonight. we begin with the president's broad based strategy to conduct our right class warfare against the republican party on the issue of taxes and the fiscal cliff. the white house today released a report from the council of economic adv
will also be here fred also, president obama has no plan to announce tax cuts and spending cuts. why they don't add up to anything meaningful. lou: the testimony before congress has been surveyed. congressman mike rogers. everyone else has testified that they didn't. do you agree? >> i do agree. and the deputies committee, i'm sure the white house representatives of national security from the national security agency council had their orders. lou: general david petraeus says for his part, one of the confusing things -- confusion between the testimony he gave to congress three days after september 11 and what he said over the past few days in congress, it represents what happens when you try to avoid tipping off terrorists. do you buy that? >> according to congressman king, it indicates that betray d petraeus deadlock. lou: is appropriate for a military man to take upon himself or herself for the good of the country and misrepresent reality united states congress. >> certainly based on what congressman king has reported in the open press something of the like. lou: specifically, it me
their taxes automatically go up at the beginning of next wreer. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. gerri: there's the president calling out congress. what do you have to say, congressman? >> yeah, here we go in the middle of this. the house passed all our tax things in april. we passed the sequestering documents in may. we waited for the senate since may to reciprocate on that. the senate and white house sat on it, and they said we'll see you in the lame duck period. now it's lame duck, and now they want to get started when we finished or work in may on it. it's been frustrating in the process. it's the same song, 38th verse on it, waiting for the senate to get it going. now we're actually going, and the president now says you can clear the table on this. the reality is this is not a tax issue. it never has been a tax issue. we have the same amount of revenue coming in in 2012 that we had in 2007, but we spend a trillion dollars more per year now than we did five years ago. this is a spending issue. ge
the pacific fleet and congressmen covert from texas. obama once more than $1 trillion of tax hikes but will not renounce spending. the "chalk talk" what that does not add up to anything meaningful we will talk with one guest to stifle economic growth. also to analyze this cycle to bring down the head of the cia. admiral, it is good to have you with us. turned to the talking points. it seems no one after general petraeus made it clear their ranges in the talking points, testimony has been surveyed and mike rogers said it has to be the white house everybody else testified. >> by a agree. i am sure the white house representative council had marching orders. lou: and petraeus said part of the confusion between the testimony he gave to congress three days after september 11 represents what happens when you back the terrorists. >> according to congressman came -- king is indicated that petraeus lied during the first testimony. >> and misrepresented the truth to congress. is it true -- possible for a man had of the agency to take it upon himself to misrepresent reality to the venice state
you should think about it. it all depends on what my tax rate will be on the game that we will make. only in grover's imagination does such a response exist. it is quite another when republicans talk like this. >> i am not obligated on the pledge. the only thing i am honoring is the oath that i take when i am sworn in this january. >> the only pledge we should be making to each other is to avoid the coming brief. republicans should put revenue on the table. >> i would have signed -- i will not attack japan today. the world has changed. the economic situation is different. connell: the man behind this pledge, it sounds like, at least the storyline is, that you are losing your considerable influence within the republican party. >> well, first of all, our friend warren buffett a to get a confident ghostwriter. it is counterfactual and it is counter historical. in his imagination, warren buffett goes to talk to people to invest with him. you have money. you have earned money. if the federal government takes it away, they do not have money to invest with warren buffett. there is a warm b
and tax increases that will take place if lawmakers fail to reach a deal before the end of this year. since president obama's reelection, democrats and republicans have staked out their positions on how to resolve this potential crisis. the president wants higher taxes on the rich, specifically over one half trillion over the next decade. >> what i'm concerned about is not finding ourselves in a situation where the wealthy are not pay more or are paying as much as they should. middle-class families making a difference. lou: house speaker john baena says new revenue should be raised through tax reform, not raising taxes. >> we have talked about this for every year. you can lose all kinds of limitation in doubt. the specifics at this point, would not be conducive to try to come to agree with the white house. lou: who blinks first? we take all that up here tonight. how can the republican party broadened its base following governor romney's defeat? we will be talking with the author of the best-selling book the amateur and former senior staff member and president george w. bush administr
with eric schoenberg, a patriotic millionaires, he's rich and he wants people to pay more tax. >> and did you inherit wealth. >> first of all, yes, i inherited wealth. >> you inherited. but also made money on my own. stuart: wait a minute, you inherited wealth. >> i did. stuart: what about the rest of us strivers, charles payne. all of us. >> all three of us. stuart: it was good. we'll have more of that interview coming up in our next hour when andrea tantaros and don peebles. you can see the whole thing on your facebook page. and grover norquist, says the republican will not cave on the fiscal cliff and that the g.o.p. will not agree to higher tax rate. i disagree with that. grover coming up after the break. so, too, is the opening bell. next, is this what republicans are up against? >> we cannot afford to extend the bush tax cuts for the wealthy. what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford. can your hearing aid do this? lyric can. lyric can. lyric can. lyric by phonak is the world's only 24/7, 100% init's tiny.aring device. but lyric's
't think that raising tax rates is something that's good for this economy, that will help grow jobs. and so what we have said is there are ways for the federal government to have more revenue if we grow this economy and engage in tax reforms. >> every economist i respect says if you raise tax rates at this time -- in fact the president said that a couple years ago -- that it harms the economy. we're trying to help the economy. and so unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and grounds for my position. >> the truth is this country does not need to go through this fiscal cliff, which is fundamentally a huge tax increase and very little spending cuts. we're favoring a huge automatic tax increase that needs to be changed. >> bottom line we can't go off the fiscal cliff. democrats have harry reid. we have mitch mcconnell. get them in the room. no one gets all they want. if reagan and o'neill could do it, obama and boehner should be able to do it. >> it's the right approach, the one most beneficial for our economy, that protects t
the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonight, demonstrations for a sixth straight day in egypt. the united nations on statehood for palestinians tomorrow and the president's spokesman says the white house is not concerned with ambassador rice
morning, everyone, several leading republicans say they will put more tax revenue on the table. that's a shift. warren buffett says raise tax rates on incomes over a half million dollars, that's a shift. but the president and democrats are not moving and they still say raise tax rates on the rich. on-line shopping, a very big winner and very big for retailers. 13% better than last year overall. today, on-line sales may run close to 2 billion dollars. will it last through the holidays? we've got another north african economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket scie
entitlements and spending on the table. republicans saying they're willing to do tax revenue and that could be or would be the key to any agreement to avoi the fiscal cliff and get the country's books back in order. gerri: you will be covering this for a long time. thanks for that. this black friday wal-mart shoppers think protests, it is not a superstore workers on the picket line. jeff flock joins us with more. jeff: a few of them but the majority were not wal-mart workers but members of other unions like the teamsters, the uaw, it was built today as a demonstration again the notion of working on thursday on thanksgiving. the day before black friday. but the protest when it came down to it wasn't so much about that. was against walmart's practice of paying minimum-wage, not giving workers enough money in their view and about work rules. that is what the actual protests came down to. it was organized by organization called our walmart, the shadow union for the non-union walmart and well-organized by united food and commercial workers union which is trying to organize at wal-mart. take a lo
%. american opporunity tax credit expires the end of 2012 as well. gerri: it sounds like -- and here is your number right here. the fiscal cliff hits it could result in a percent cut in federal student aid. clearly people are going to seek higher costs for college. how can a company that if they have to do it on their own diamond cannot borrow money? >> they need to say before college. every dollar you save is a dollar less you have to borrow. search for scholarships on free web sites. every dollar you when is a dollar less you have to borrow. gerri: and definitely make sure you are saving. i think that is obvious. let's break this down a little bit because there is all kind of student aid. the impact on pell grants, federal student loans, and dollars tax credit. this fiscal cliff and going over it. pell grant impact. >> well, the pell grant has been unchanged for two years. going to increase by $85, a drop in the bucket. but they still face an $8 billion funding shortfall which has to come from somewhere when you are trying to plug the fiscal cliff you have to cut something to retain the pr
a dark fiscal cliff. a new government report warning is an increase in texa taxes wod crush the middle-class spending. the dow down 70 points. it seems republicans are changing their tune on taxes. i don't know. lou dobbs with us as more congressional leaders break from the antitax pledge. and two years after the signs in cairo they look the same. mohamed morsi moves for absolute power sparking violent clashes in the streets between his supporters and opponents. but first, it is time to check stocks as would every 15 minutes, let's head to the floor of the new york stock exchange. nicole, the market is down and out on the fiscal cliff. i'm afraid. nicole: there's a lot going on on wall street. selling across the board, down 72-point at the lowest .12900, so about 40 points off of the earlier lows, however we are seeing selling from sector to sector with its banks or drugs or retail. the areas that have been pretty good our technology, semi conductors holding on, utilities giving it a go after selling off on concerns of the fiscal cliff of his utilities is a group that paid h
, the jump in taxes woul likely quickly push the u.s. economy into a recession and there is nothing the fed cado to prevent that from happening. gei: it seems to have unloaded everytng they have, the economy has to come back on its own now. >> they can do with the bank of japan is now supposedly considering, resort to negative interest rate policy. consumerwould be charged to keep money in savings accounts. that is one way getting people to spend, i don't think that is likely to happen anytime soon. gerri: i think that is just crazy talk to lots of viewers. but it is reality. instead of getting paid for putting your money someplace, which is the way it normally happens, instead you have to pay for the privilege. now why are people willing to make that trade-off? >> simply because they don't have enough room in their mattress to store their money or they don't have enough confidence to put their money in other financial assets sucas stocks. gerri: we are not here yet. >> could be a reality in japan the japanese want to weaken the yen. that is one way of doing it. gerri: he is optimistic abou
an alternative minimum tax he had been talking about for the really wealthy. >> 30% or something. >> anybody from 1 to $10 million. also talked a little bit about raising the -- >> same thing he's been saying all along. >> he added that when it comes to who should be paying the higher taxes, he wants the threshold to be $500,000. >> and you see steven rattner on on talking about capital gains, deductions and things you've talked about a lot. >> time for the global markets report. ross westgate totally still confuse aed about thanksgiving and pilgrims. what was all the hoopla about? you celebrate boxing or something, don't you? like we lost a great boxer. is that what you celebrate? what is boxing day? >> boxing day, the day of a christmas. >> you wrap all your presents in boxes? >> i think it's something to do with all the presents. i'm not quite sure. >> yeah, put them in boxes. >> maybe. >> so you ignored our thanksgiving. but feeling okay again? >> yeah. you know, it's okay. it's all right. it's gone. now we can concentrate on the run up to christmas. and how much shopping we have to do. >> a
and the worst the outcome is probably going to be more, and taxes are going to go up and of course there will be no spending cuts. >> and ben, it does sound ominous, even if you're not someone who reads the wall street journal, the fiscal cliff, fiscal cliff, it could be the-- i don't know intimidation factor, it could actually be worse than going over the cliff. >> i think that's a brilliant point, charles. if we went over the cliff for a few months the impact would not be enormous, and uncertainty is a bad word and fear is a really, really bad words and these are the words that govern the economy today and imperative that democrats put their heart and soul into a compromise. absolutely imperative. >> dagen, what do you think about this? >> i think you cannot dismiss this, particularly if you're on the left of something as hocus-pocus and fear mongering, you can look, the list of companies that are bulge back spending and some of the biggest names in the ideas, whether it's a wal-mart, ford, disney, you name it. no company is going to commit new money to new jobs if ne don't know
donations like those here in america are like those tax deductible and with the u.s. approaching a fiscal cliff, there are rumblings of big changes and some could impact charity. the and here is the national correspondent tim angle. >> thanksgiving, a time to relish one's blessings and help the less fortunate. >> in the scramble to avoid the fiscal cliff, both the president's plan to raise taxes on the wealthy and the republican willingness for revenues could end up hurting charities and rely on the kindness of people with money. >> high income people tend to give very generous gifts. they may give a million dollar contribution to a capital campaign of a local hospital or a local art museum and a small number of donors at the high end that account for really big chunk of the charitable giving in this country and those are the folks that we'd be most impacted by this tax policy change. >> in fact, united way gives 15% of total donations, 500 million dollars a year, from those who give $10,000 or more. so, charities worry that any kind of tax increase on the wealthy could cut into their don
.s. debt mounts and tax hikes andrew the corner. guess what? there's plenty of ways to make money, even in an obama economy. we have all the information you need to rake it in, even when they say it's not, it's always about money. ♪ >> starting off, oil and energy, hosting money from houston, i sat down for an exclusive one-and-one with the ceo and co-founder of ki in, -- kinder morgan. we focus on the future of the energy business and natural gas. this is what he said. >> we need to have a level playing field. we need to have, in the energy field, for example, we have just tremendous opportunities, particularly in the naral gas area. we got a game changer here. we got a fuel that's cheap, abunda, domestic, plentiful.g we ought to be doing everythingp we canlo to exploit that. melissa: fracking for natural gas?oded >> natural gas in general.e the shale place, which, of course, predicated to fracking, but the opportunities forrtun natural gas, you want to talk abt response to climate change and reducing co2 emissions, thio is the golden key to open the door more than mostenewables will
me smile until the numbers come out. and then you will get taxed to kingdom come. it will not even help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is
teenagers in washington who just cannot figure this out right now. it's pretty simple, taxes and spending. they want to make headlines, and i think the market's becoming fed up with it, and that's why we're seeing the action behind me, and we'll probably see more tomorrow. david: drew kanaly, it was a negative day, all of the indices were down, the nasdaq stopped its winning streak, but look at these headlines. liz, we had a lot of positive headlines when we woke up. consumer confidence, the best since february '08, the richmond fed saw a positive jump for its region, home prices continuing to rise, durable goods, better than expected. there was progress on those greek debt talks. i mean, despite all of these positive news items we got today, we ended up with a market almost in triple digits. >> well, i mean, they're pricing that we are going to get a deal, right? so anything that says that might get derailed, you're going of the days like this until they announce a deal. and the deal the market's looking for is just something to extend the tax cuts until next year when you seat a new con
with top white house officials begging for their taxes to go up. one of them is here to explain it to me. even when they say it is not, it is always about "money." ♪ all right. to our top story, a possible bailout for fema, the federal emergency management agency says it only has $850 million left in the bank. and they expect to burn through that by the end of this month. meanwhile, we are looking at losses of 6-$12 billion. this all coming as president obama visits damage here in new york to see the recovery efforts. with me now, david williams, president of the taxpayer protection alliance. thank you for coming and michele what do you make of all this? what happens if they run out of money? >> well, don't worry. people will be helped. what will happen is congress will step in to make sure that they get money. then what happens after that, what we really don't know, how they pay that money back to the federal government because it is only borrowing the money. that is what they did to borrow it up to 20 billion, both through 18 billion of that. they have about 3 billion last. but that
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
and continue negotiations over the looming automatic spending cuts and tax hikes that could kick in at the start of the new year. the administration is out with a brand new report this morning showing how letting taxes go up for everyone just to protect the richest americans would cut consumer spending and slow growth by about a point and a half. according to the president's council of economic advisers, we would spend about $200 billion less next year because we would be paying more in taxes. consumer spending is about 70% of our gdp. up until now hundreds of republicans have been tied to the grover norquist-created pledge not to raise taxes. but current economic reality is setting in and conservatives are starting to stray with conditions. here is south carolina senator lindsey graham. >> ly violate the pledge, long story short for the good of the country only if democrats will do entitlement reform. >> that's a whole nother conversation. on the issue of taxes warren buffett has written an op-ed in "the new york
sales tax. now a move to close the loopholes that are costing states millions. plus at least when people shop online this doesn't happen. [oh] >> shepard: tonight, the brawl at the mall. a jury cleared casey anthony of murdering her little girl. >> we, the jury, find the defendant not guilty. >> shepard: now some potentially explosive evidence about a computer search somebody did on the day little caylee disappeared. and this was no ordinary parade can a gety. >> snn colon and then a number. >> shepard: shredded police documents apparently reigning down on the thanksgiving day crowd. >> i didn't know what to make of all of this information. >> tonight, investigation and police respond. but first from fox this monday night, some republicans are now saying they are willing to break their no tax hikes pledge to keep us all from going right over the fiscal cliff at the end of the year. it's pretty new and that's when pretty much everybody's taxes will go up if congress and the president can't cut a deal. g.o.p. leaders insist they still do not want to raise tax rates. instead, they say they
opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix this thing. of course, it is because they have not indexed this for inflation. it reverts to the level it was in 1993 where the level would only be about $45,000. think about this. when you mention those 30 million americans, those are rich people. those are people earning 100-150,000 dollars. they will let the payroll tax rise back to where it was before they temporarily suspended it. dagen: do you think, though,
day of the year. we will hear from both sides on this one. remember the battle cry for lower taxes? where are they? we'lwe will ask one of the couns top tea party leaders. even when they say it is not, it is always about "money." all right, first let's take a look at the market headlines. modest gains in the last day of trading before the thanksgiving holiday. citigroup announced it will be closing half of all their branches in greece. the banking giant says a security measures are hurting their business. a federal bankruptcy judge has officially approved hostess brand plans to wind down. the ruling spells certain and to the hostess bakery. the twinkie will come back. ending the violence for now. even though it intensified when word of the troops was first announced. earlier today terrorist blew up a bus in tel aviv injuring 30 people. tensions boiling over. if the cease-fire does not hold and israel goes to war, the global impact will be felt here in the u.s. joining me now in a fox business exclusive is senior advisor to the mayor, thank you for being with us. i want to get right
, that what moved up nicely is going to be the piggy bank that gets cracked first before the tax man comes based on the unknowns of the fiscal cliff. >> would you buy gold here, michael? >> no, no. i'm going wait for it to wash out a little more. then i'm going add to my positions. i have a -- >> you don't weigh gold outright. >> you have to own some gold. qe-4 is coming. no doubt about it. they're already doing $40 billion per month. it's going to be $85 billion of unsterilized counterfeiting per month starting january 1. how do you abandon gold in that premise? >> that's exactly right. we're playing it a little bit differently. we like some of the gold-related companies. >> the miners have gotten beaten up. they got beat up much worse than the actual metals. >> there's cost and exploration you have to factor in. >> are those your best ideas? >> no, actually. i think you can still -- i'm half if cash. i think you can look for areas to enter in o short position on lockheed martin. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rall
bernardino has very few options. they have to cut services elsewhere to pay for pensions or raise taxes to pay for the pensions. one way or another they will have to pay the bill. melissa: really? joey, what do you think?. >> i think he is right. what is the smell? sweet smell of victory. ultimately i don't think municipality can get out of this. yes it is in federal court. the question becomes, does the federal government take priority, does the state take priority? back a long, long time ago, melissa when the statute was enacted for bankruptcy it has to be federal. state contract says you honor that obligation. i think states are sovereign. municipalities are sovereign. the feds will be reluctant to tell them what to do. ultimately obligation, bankruptcy or not, that has to be satisfied. melissa: aaron, that is what bankruptcy is all about. that's why you declare bankruptcy. that's why you go through all the penalties involve in it. it is not a happy thing. it will be very hard for them to borrow money in the future. they're going you there the downside of bankruptcy. seems like they
. >> the fiscal cliff sparks talks of compromise on capitol hill. >> without a deal spending consults and tax increases will kick in at year's end likely sending the country into another recession. >>> several republicans back away from a tax increase. >> if congress does nothing, which congress has gotten pretty good at doing these days we'll go over the fiscal cliff. >> we have to show the world we're adults. the election's over. president obama won. >>> it's a big weekend for shopping. it isn't over yet. today is cyber monday. the biggest day for online sales. >> shoppers are expected to spend $1 billion 1/2 today. >> and some like to shop in bunny slippers. >> and fret mohammed morsi granting himself extra powers. >> sending the country's stock market into free fall. >> buy a ticket for this wednesday's powerball lottery, you could win in the megaball. >> bradshaw with the touchdown. >> giants tommenate. >> officially a time-out. >> cheerleaders shave their head to support the coach diagnosed with leukemia. >> and all that matters -- >> suddenly changes into
, is on middle class taxes. and as i've said before, we've got two choices. if congress does nothing, every family in america ll see their tacks automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle class family of four would see its income taxes go up by $2200. $2200 out of people's pockets. that means less money for buying grocery, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle class families just can't afford that right now. by the way, businesses can't afford it either. yesterday i sat down with some small business owners who stressed this point. economists predict that if taxes go up on the middle class next year, consumers will spend nearly $200 billion lesson things like cars and clothes and furniture and that obviously means fewer customers, that cuts into business profits, that makes businesses less likely to invest and higher which means fewer jobs and that can drag our entire economy down. now
them what to do. therefore, they don't have a lot of social service. no state income tax in texas. however, get in the lone star state about $40 billion. there is a balanced budget amendment. by contrast california owes an astounding $167 billion. and it's running an annual deficit of about 9 billion. money they that can never never be paid back. what is california getting for all of that? high school graduation rate 37 out of 50 states. per capita income, $44,500. but, there is a 10.1% unemployment rate. crime number one. there are more prisoners in california than any other state. take a look at texas. high school ranks 44th. slightly above california. per capita income about 40,000 bucks per year. but there is relatively low unemployment 6.6%. convicts in state prisoners ranked number two behind california. so you can see there is not a big difference in the economic and social stats but there is a big difference in mind set. california has many more social welfare programs. golden state also has many more business regulations. texas, you could pretty much set up any bigness yo
everybody, our start start this morning the fight over the cliff intensifies. remember that no tax hike pledge. new signs that the gop may be starting to rebel from that. maybe a compromise before the 35-day deadline passes. and congress gets back to work this morning. plus a power grab in egypt. mohamed morsi under fire for granting himself extraordinary powers. will that affect cease-fire talks between israel and hamas? they're happening in egypt today. >> and $59 billion! retail records broken as americans crowded stores for some competitive shopping over the weekend. and now cyber monday is here. will shoppers be in even more of a spending mood? >> you want to talk about money? a new powerball jackpot. a new record in the cash payout. it's unreal. >> a packed two hours ahead for you this morning. new jersey congressman bill pascrell will be joining us, grover norquist, jamie rubin, dr. hanan ashrawi, will be our guest, peter billingsley from a christmas story, and grinle college hoops star jack taylor. remember him? big game he had the other day. and the one and only tony benne
that congress ought to take a deal offered by democrats to go ahead and extend the bush tax cuts but only for the people below $200,000 in income. here's the president. >> the senate's already passed a bill that keeps income taxes from going up on middle class families. democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. >> reporter: this is the president trying to take advantage of having the high ground in public opinion but we've heard from erskine bowles in the last 24 hours that the white house is privately showing some flexibility on the issue of the top tax rates. the administration believes they have to go up swla to get money they need to strike a deal, but not necessarily to 39.6% according to erskine bowles. >> john harwood, thank you. >>> investors of course watching the fiscal cliff chess match very closely. as bob showed us, the markets are moving on every bit of news. will there be a compromise to talk about that on capitol hill, senator john hovan
up 800 billion in new revenue and overhaul the tax system and changes to medicare and that's why the republicans are asking the democrats to come in and explain your deal. this plan was hatched in 2010 and everyone walked away from it and now they call bowles back up? it is late. this is what the american people are upset about. nothing gets done. >> steve: we are a month from the cliff. >> gretchen: we could have avoided the cliff if they used the plan as a starting point. americans are upset nothing gets done. >> brian: norquist is the bad guy. you should walk away from grover norquest. he said you have enough money on capitol hill and stop asking us . he's been a watch dog on our money so whether you are democrat or republican you should salute him. he warned you in the past that people who walked away from the no new taxes paid a price. >> remember the gang of 6. three of the people that you mentioned spent eight months in the room with democrats, pretending to negotiate tax increases for entitlement reform . after a while coburn had to admit they were offered nothing but tax
their own day of thanks. >> they can't stand it. this is one we made good without them. they tried to tax us without representation. >> i think july 4th is probably worse. >> either way, they hate both of those holidays. >> ross, do you hate thanksgiving? >> no, i don't hate thanksgiving. 400 years ago, they gave thanks for the pilgrim fathers to leave, i think. >> there you go. they didn't want us anyway. >> now look what happened. >> oh. he's 007. >> good luck with the turkey, by the way. >> thank you, ross. we appreciate it. have a great day or so. we'll see you back here on friday. >> they probably don't like any of our holidays. >> christmas. >> very jealous. >> they have places in london with a good thanksgiving. i remember when i lived in london, ross could participate in this. >> that was big of him. i was going to ask him about thanksgiving, but he extended a happy thanksgiving. >> i could tell it was tinged with a little resentment. >> not from ross. >> still to come on squawk, we have a well-known name to our viewers. jim chanos, he'll be joining us in just a few minutes. >>> befo
change tax, here it comes, the u... holds a meeting, america is the bad guy. they want our money. third, research in motion, the blackberry company we put that stock on death watch. wrong move. the stock has gone straight up. you never know what you're going to get on "varney & company," but it will be interesting. here we go. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all ght. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> with all of that talk on "varney & company" about gun sales going up if president obama he gets reelected. here is the proof, it's happening. it's a busy friday for the fbi, it fielded 154,873 background checks from gun dealers for perspective buyers, that's just in one day. it's a 20% increase over the previous record set last year on black friday. and by the way, 62% of those applications were the so-called long guns, rifles, shotguns, people are afra
that pushed that no new taxes pledge signed bay majority of republicans in congress. here's what chambliss says. i care more about my country than i do a 20-year-old pledge. he's willing to let the political consequences take care of themselves. raising taxes has been at the center of the fiscal cliff dispute. democrats demanding it. republicans saying no way. so amy, is this a sizable crack in the republican armor? >> we are seeing that the two sides are going to need to negotiate if we don't go over the fiscal cliff. i would point out that patty murray, a democratic senator from washington state says we should go over it, certainly in contrast to the rest of her party. so i think that we're seeing negotiations on both sides. but i want to point out what the fiscal cliff really means. it means the tax rates go up for everyone across the board. if you earn a paycheck, your taxes are going up. that's not just your federal income tax. that's your social security tax as well. we've been on a social security tax holiday, people are unaware of this, only as employees paying in 2.4%. after decem
will be meeting with small business leaders. at issue of course is the series of tax increases and spending cuts that kick in at the end of the year if congress doesn't act. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> cnbc's raise above campaign continues. we're asking who has the courage to rise above partisan politics and find a solution. among our guests, three men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in cash and stock. the deal gives lehman cash to help pay its creditors as it liquidates. but it paid $22 billion for this company originally. so $6.5 billion versus $22 billion, and you can see how lehman go
" reports this morning that a budget deal could reduce the tax deduction millions pay on their mortgage interest. nancy cordes is on capitol hill. good morning. >> reporter: good morning to you, charlie, and norah. the president and house speaker john boehner spoke by phone over the weekend. top aides in the house and senate tell us that negotiations at this point are just taking place between the president's staff and speaker boehner's staff. that's because any deal that involves raising tax revenue is going to face its biggest challenge in the republican-led house. top republicans returning from thanksgiving recess urged the president to make the first offer in fiscal cliff negotiations. and they expressed a new openness to raising tax revenue, if democrats agree to make cuts to strengthen medicare and medicaid. >> elections come and go. and when they go the spirit to find common ground becomes greater. >> reporter: georgia republican saxby chambliss and mark warner lead the gang of eight. four senate democrats and four senate republicans, who originally met
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